Sensex, Nifty Open Higher On Strong Macro Data
(RTTNews) - Indian shares traded slightly higher on Tuesday after data showed India's retail inflation softened to a three-month low of 5.1 percent in January on moderating food price growth.
Separate data revealed that India's industrial output rose at a faster-than-expected pace of 3.8 percent year-on-year in December after easing sharply in the previous month.
The benchmark S&P BSE Sensex rose 245 points, or 0.4 percent, to 71,320 in early trade, while the broader NSE Nifty index was up 48 points, or 0.2 percent, at 21,664. Coal India rose over 2 percent after reporting a 17 percent increase in Q3 consolidated net profit.
Axis Bank, Apollo Hospitals Enterprise, ICICI Bank and Hero Moto Corp were up 1-2 percent.
Paytm parent One97 Communications slumped 6 percent on reports that a government panel is examining foreign direct investment (FDI) from China in its subsidiary Paytm Payments Services.
SpiceJet tumbled 3.6 percent after it announced plans to lay off 100 employees. Eicher Motors rose about 1 percent ahead of its earnings release.
Steel Authority of India lost 3.2 percent after Q3 profit fell 22 percent.
Hindalco Industries plunged nearly 14 percent ahead of its earnings results due later in the day.
Bandhan Bank dropped 1 percent in reaction to reports related to the NCGTC audit on 'evergreening of loans.'
